Civic Intelligence

Illinois Tool Works Inc Voluntary Employees' Beneficiary Association

990 • Fiscal year 2019 • EIN 36-3183297

Jan 01, 2019 to Dec 31, 2019 • Filed on Mar 24, 2020

Organization ProfileN/A
PO Box 804358Chicago, IL 60680

(847) 724-7500

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

23rd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2019 filings • 501(c)9 • $250M-$1B nonprofits • Source year 2019

Liabilities / Revenue

23rd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2019 filings • 501(c)9 • $250M-$1B nonprofits • Source year 2019

Net Margin

1st percentile

-134983%

Higher net margin than 1% of similar nonprofits.

2019 filings • 501(c)9 • $250M-$1B nonprofits • Source year 2019

Top Officer Pay

29th percentile

$0

Higher top officer pay than 29% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2019 filings • 501(c)9 • $250M-$1B nonprofits • Source year 2019

Asset Growth

49th percentile

12%

Faster asset growth than 49% of similar nonprofits.

2019 filings • 501(c)9 • $250M-$1B nonprofits • Annualized from 2018 to 2019

Revenue Growth

9th percentile

-40%

Faster revenue growth than 9% of similar nonprofits.

2019 filings • 501(c)9 • $250M-$1B nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets23rd percentile

Assets

Up

$373,784,501

Up $40,151,903 (+12%) from 2018

Net Assets

Up

$373,784,501

Up $40,151,903 (+12%) from 2018

Liabilities

Flat

$0

Flat from 2018

Revenue And Expenses
Liabilities / Revenue23rd percentileNet Margin1st percentile

Revenue

Down

$19,193

Down $12,751 (-40%) from 2018

Expenses

Up

$25,926,410

Up $4,348,346 (+20%) from 2018

Net Income

Down

-$25,907,217

Down $4,361,097 (-20%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth49th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$600M$400M$200M$0Assets 2018: $333,632,598Liabilities 2018: $0Net Assets 2018: $333,632,5982018Assets 2019: $373,784,501Liabilities 2019: $0Net Assets 2019: $373,784,5012019Assets 2020: $401,564,965Liabilities 2020: $0Net Assets 2020: $401,564,9652020Assets 2021: $433,818,394Liabilities 2021: $0Net Assets 2021: $433,818,3942021Assets 2022: $335,874,428Liabilities 2022: $0Net Assets 2022: $335,874,4282022Assets 2023: $357,693,304Liabilities 2023: $0Net Assets 2023: $357,693,3042023Assets 2024: $399,608,428Liabilities 2024: $0Net Assets 2024: $399,608,4282024

Highlighted filing

2019

Assets$373,784,501
Liabilities$0
Net Assets$373,784,501
Open 2019 Filing

Operations Trend

Revenue Growth9th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$40M$20M$0-$20M-$40MRevenue 2018: $31,944Expenses 2018: $21,578,064Net Income 2018: -$21,546,1202018Revenue 2019: $19,193Expenses 2019: $25,926,410Net Income 2019: -$25,907,2172019Revenue 2020: $1,244,619Expenses 2020: $26,814,327Net Income 2020: -$25,569,7082020Revenue 2021: $3,522,646Expenses 2021: $26,975,188Net Income 2021: -$23,452,5422021Revenue 2022: $2,265,703Expenses 2022: $29,062,173Net Income 2022: -$26,796,4702022Revenue 2023: $1,982,010Expenses 2023: $28,942,828Net Income 2023: -$26,960,8182023Revenue 2024: $607,839Expenses 2024: $1,633,663Net Income 2024: -$1,025,8242024

Highlighted filing

2019

Revenue$19,193
Expenses$25,926,410
Net Income-$25,907,217
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Mar 24, 2020
Return Version
2019v5.1
Gross Receipts
$19,193
Mission and Program Overview

Mission

To provide payment of benefits.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$333,632,598$373,784,501▲ $40,151,903
Savings and Temporary Cash Investments$309,545$402,327▲ $92,782
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Total Assets$333,632,598$373,784,501▲ $40,151,903
Other Assets Total$333,323,053$373,382,174▲ $40,059,121
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$333,632,598$373,784,501▲ $40,151,903
Total Liabilities and Net Assets / Fund Balance$333,632,598$373,784,501▲ $40,151,903

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$373,382,174--
Compensation and Service Providers
Top Officer Pay29th percentile

Board Members and Trustees

NameTitle
-Trustee
Janet Otsuka LoveTrustee
John R HartnettTrustee
Karen TullochTrustee
Kim OlsonTrustee
Randall J ScheunemanTrustee
Steven L MartindaleTrustee
Steven M HennTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$19,193
Other Revenue
$0
Change in Net Assets
$-25,907,217
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$0
Other Expenses$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members$25,926,410--$25,926,410
Total Functional Expenses$25,926,410$0$0$25,926,410
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“Description of process for review: a draft of the form 990 is sent for review by the manager, benefits accounting & analysis, who in turn makes the necessary corrections, if there are any, and subsequently presents to the governing body for further review and approval. After which, the form 990 is submitted to northern trust with a copy to the plan administrator (governing body) for finalization and eventual filing with the irs.”

Form 990, Part VI, Section B, Line 12C

“Yes-employees are required to sign conflict of interest policy each year.”

Form 990, Part VI, Section C, Line 19

“Yes, through its annual report. The annual report is available to the public at the stockholder's meetings. The annual report is also available at the itw corporate office.”

Filing and Contact Details

Filer

Filer Name
Illinois Tool Works Inc Voluntary
EIN
36-3183297
Phone
8477247500
Address
PO BOX 804358, CHICAGO, IL 60680

Signing Officer

Name
The Northern Trust Company
Title
Trustee
Phone
8477247500
Signed
2020-03-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Karen Tulloch
Formed
2002
Legal Domicile
Il
Voting Board Members
8
Independent Board Members
8
Employees
0
Volunteers
0

Preparer

Firm
Deloitte Tax Llp
Address
1100 WALNUT STREET SUITE 3300, KANSAS CITY, MO 64106
Preparer
Elizabeth Wiltfong
Phone
8164746180
Raw XML Appendix324 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0DESCRIPTION OF PROCESS FOR REVIEW: A DRAFT OF THE FORM 990 IS SENT FOR REVIEW BY THE MANAGER, BENEFITS ACCOUNTING & ANALYSIS, WHO IN TURN MAKES THE NECESSARY CORRECTIONS, IF THERE ARE ANY, AND SUBSEQUENTLY PRESENTS TO THE GOVERNING BODY FOR FURTHER REVIEW AND APPROVAL. AFTER WHICH, THE FORM 990 IS SUBMITTED TO NORTHERN TRUST WITH A COPY TO THE PLAN ADMINISTRATOR (GOVERNING BODY) FOR FINALIZATION AND EVENTUAL FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1YES-EMPLOYEES ARE REQUIRED TO SIGN CONFLICT OF INTEREST POLICY EACH YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2YES, THROUGH ITS ANNUAL REPORT. THE ANNUAL REPORT IS AVAILABLE TO THE PUBLIC AT THE STOCKHOLDER'S MEETINGS. THE ANNUAL REPORT IS ALSO AVAILABLE AT THE ITW CORPORATE OFFICE.
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ReturnHeader/BuildTS02020-09-23 17:36:50Z
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ReturnHeader/Filer/BusinessNameControlTxt0ILLI
ReturnHeader/Filer/EIN0363183297
ReturnHeader/Filer/PhoneNum08477247500
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 804358
ReturnHeader/Filer/USAddress/CityNm0CHICAGO
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IL
ReturnHeader/Filer/USAddress/ZIPCd060680
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0DA39A3EE5E6B4B0D3255BFEF95601890AFD80709
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId06730D8E6A1C6B07C955FE76DD48ACB8A2903DFE6
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0124.123.75.243
ReturnHeader/FilingSecurityInformation/IPDt02020-03-24
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0US
ReturnHeader/FilingSecurityInformation/IPTm001:08:03
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0861065772
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0DELOITTE TAX LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01100 WALNUT STREET SUITE 3300
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0KANSAS CITY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MO
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd064106
ReturnHeader/PreparerPersonGrp/PhoneNum08164746180
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ELIZABETH WILTFONG
ReturnHeader/ReturnTs02020-03-25T04:02:08-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-01-01
ReturnHeader/TaxPeriodEndDt02019-12-31
ReturnHeader/TaxYr02019

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$373,784,501
Liabilities
$0
Net assets
$373,784,501
Revenue
$19,193
Expenses
$25,926,410
Net income
-$25,907,217
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$400$0.00$400$0.61$1.63$1.03
2023Detailed filing. Detailed filing data is available for this year.$358$0.00$358$1.98$28.9$27.0
2022Detailed filing. Detailed filing data is available for this year.$336$0.00$336$2.27$29.1$26.8
2021Detailed filing. Detailed filing data is available for this year.$434$0.00$434$3.52$27.0$23.5
2020Detailed filing. Detailed filing data is available for this year.$402$0.00$402$1.24$26.8$25.6
2019Detailed filing. Detailed filing data is available for this year.$374$0.00$374$0.02$25.9$25.9
2018Detailed filing. Detailed filing data is available for this year.$334$0.00$334$0.03$21.6$21.5